(North America) — The future of Poraver North America, manufacturer of the expanded glass aggregate used in the construction industry was recently secured by the acquisition of the company’s assets by Dennert Poraver GmbH Germany.
Since entering into an insolvency process in November 2010, the management of Poraver North America has been working with Pricewaterhouse Coopers to secure a buyer for the business, after the original backers decided that they were unable to continue to fund the Ontario based start up business.
Dennert Poraver a successful European business licensed it’s technology to a Canadian private equity consortium in 2005. The Innisfil plant was commissioned in 2007 just as the US construction economy went into deep recession, at which time many of the company’s target clients delayed the development of new products, causing the Poraver® business to grow more slowly than originally envisaged.
Hans Veit Dennert, inventor of Poraver and owner of Dennert Poraver GmbH commented “The integration of the two Poraver® producing operations into one business is an exciting development, with immediate positive benefits to customers both in North America and Europe. As the global economy slowly comes out of recession, I am confident that construction product manufacturers will once again focus upon innovation and environmental issues, enabling us to repeat the success that we have had in Europe.”
According to Peter Plows, CEO of the newly formed Poraver North America Inc business “the merger of the two previously independent businesses will give the technical sales team immediate access to a wealth of knowledge and experience, which will dramatically improve the level of support that we can provide customers who are developing Poraver® based products in North America”.
Peter continued “I am delighted that it is now possible for the operation to continue in Canada and that we now have a solid platform from which to grow the business, rolling out the market development strategy that we have all been working hard on for the last two years.”
Poraver® the eco-friendly material with unprecedented physical properties is an innovation of Dennert Poraver GmbH Germany, the world leader in expanded glass granules. As a lightweight aggregate Poraver is invaluable in the formulation of ultra light weight manufactured concrete products, innovative self levelling underlayments and tile adhesives, plus insulating renders and screeds.